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Long Term Pips

  • #121
  • Jan 12, 2011 2:04pm Jan 12, 2011 2:04pm
Brenzaj, if you are in a trade and its going nicely in your favour, lets say +100 for argument sake, and news turns the trade sharpely against you, what is your plan?

leave the trade alone or look to exit?

thanks
  • #122
  • Jan 12, 2011 2:05pm Jan 12, 2011 2:05pm
I see the same thing jmf0805. I like the strength of the CAD and the JPY is neutral to weak according to me, but I don't like that upper trend line so close.

Attached is the weekly and Daily charts.

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY W.png Size: 41 KB


Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY D.png Size: 44 KB
  • #123
  • Jan 12, 2011 2:29pm Jan 12, 2011 2:29pm
I look for big picture. The entire screen to see what is going on. I also compare weekly crosses and how deep they are into the trend.



Quoting PiptheRipper
Good day brenzaj42.

First of all, thank you for sharing all this great info. It is greatly appreciated. You have a very simple method of trading. I've been trying to simplify my method for a while now, which I've done, but still lacked the confidence in my analysis.

Using what you have explained and incorporating it into my strategy will give me that confidence I'm looking for.

I've never done P and I analysis in my 2 years of forex experience and strangely I don't know why. It is such an obvious thing to do. When you look for strength...
  • #124
  • Jan 12, 2011 2:35pm Jan 12, 2011 2:35pm
I am sure you are, I don't look at that.



Quoting jmf0805
Hey Brenzaj42,

Thanks for the invite to your trading journal (I am catching up as I just returned this morning from my annual Leaders Conference in Tucson).

When I analyze the upside for the cadjpy long trade, I review the trading channel that is formed by the oscillating uptrend (higher highs, higher lows) on the weekly chart. It looks to me that there is only approximately 100 pips before it hits the upper trend line of the channel. Am I analyzing that incorrectly? Or am I drawing the weekly channel incorrectly?

Jon
  • #125
  • Jan 12, 2011 2:37pm Jan 12, 2011 2:37pm
I will only exit the pair when it tells me to. Look at any great trend, there are going to be days where it goes against you. If I get stopped, I get stopped. No biggie.



Quoting Jungles
Brenzaj, if you are in a trade and its going nicely in your favour, lets say +100 for argument sake, and news turns the trade sharpely against you, what is your plan?

leave the trade alone or look to exit?

thanks
  • #126
  • Jan 12, 2011 3:12pm Jan 12, 2011 3:12pm
Brenzaj, On CADJPY you are trading against a pinbar on the 50.0 fibo level and against a MACD divergence... if this setup works, it will be a negation of many things I have learnt about FX, so far... :-)

But I sincerely hope it will work ! Take care !
"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #127
  • Jan 12, 2011 5:25pm Jan 12, 2011 5:25pm
just another trade to me



Quoting trzcinek
Brenzaj, On CADJPY you are trading against a pinbar on the 50.0 fibo level and against a MACD divergence... if this setup works, it will be a negation of many things I have learnt about FX, so far... :-)

But I sincerely hope it will work ! Take care !
  • #128
  • Jan 12, 2011 5:42pm Jan 12, 2011 5:42pm
everything seems to be going against the trend this week so far, next week should be better or the weekly for a lot of pairs will start to form in opposite direction.

eur/gbp - i have been waiting to jump on this pair short because gbp has been strong this week but so has eur hence the consolidation so far.

gbp/usd has a fresh cross on the daily as the gbp has been strong but no established trend on the weekly.

PATIENCE, It seems like nothing is going on in my world except I am already in a some trades, it looks like i will be closing out some positions to take profit.

There is always tomorrow to see what happens in the main session.
  • #129
  • Jan 12, 2011 7:59pm Jan 12, 2011 7:59pm
Hi Brenzaj42.

Thanks for starting this journal. It will help all who follow it to better understand your reasoning for taking various trades.

It would be helpful to know whch trades you have recently taken or are in and why you entered, in addition to the CAD/JPY you entered today. If it would not be too much trouble, could you post those trades and charts for a visual recap. I for one would really like to see what these look like, and maybe to also know which charts you used in the parallel & inverse analysis for the trades. I hope you don't feel too put upon with this request, but I'm sure many looking in would like to see this info as well in combination with a chart graphic for better understanding.

Thanks again for doing this journal.
Best regards,
C.
  • #130
  • Jan 13, 2011 5:01am Jan 13, 2011 5:01am
Let's be patient and leave Brenzaj to guide us and show us how he doing. As he enter some trade we will follow him with questions. Brenzaj, as soon as you enter some trade you write us so we can jump fast with you - and follow your management of trade. As well daily overview of market as you see it, is much appreciated.

This is long term daily trend strategy(or sometime even weekly) so will take some days/weeks to develop trends to get in. By doing this we will stay in trades for weeks even months. So patience...I believe in this guy.
  • #131
  • Jan 13, 2011 6:10am Jan 13, 2011 6:10am
Quoting BatmanXXL
Let's be patient and leave Brenzaj to guide us and show us how he doing. As he enter some trade we will follow him with questions. Brenzaj, as soon as you enter some trade you write us so we can jump fast with you - and follow your management of trade. As well daily overview of market as you see it, is much appreciated.

This is long term daily trend strategy(or sometime even weekly) so will take some days/weeks to develop trends to get in. By doing this we will stay in trades for weeks even months. So patience...I believe in this guy.
DITTO
  • #132
  • Jan 13, 2011 7:02am Jan 13, 2011 7:02am
I completely agree !

Quoting BatmanXXL
Let's be patient and leave Brenzaj to guide us and show us how he doing. As he enter some trade we will follow him with questions. Brenzaj, as soon as you enter some trade you write us so we can jump fast with you - and follow your management of trade. As well daily overview of market as you see it, is much appreciated.

This is long term daily trend strategy(or sometime even weekly) so will take some days/weeks to develop trends to get in. By doing this we will stay in trades for weeks even months. So patience...I believe in this guy.
"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #133
  • Jan 13, 2011 7:39am Jan 13, 2011 7:39am
Thanks guys, I entered the cad/jpy trade early and I think it is due to this journal. I feel like I need to show some action but the way things go here is you may wait for a while and then everything may hit at once. As far as yesterday goes, I usually let it make a session high and wait for it to break that to enter. I did not do that yesterday which would have kept me out of the trade and I am paying for it now, no big deal though, I closed out a bunch of positions yesterday. Feeling good.
  • #134
  • Jan 13, 2011 9:06am Jan 13, 2011 9:06am
I think there is plenty of fantastic stuff in this thread. Things that really works for trading! Thanks for sharing them. We all understand that this is a long term approach and no one expects to learn scalping here ;-)

I think, we are all ready for several months of learning, so take your time Brenzaj and take your decisions just like we were not here ;-)


Quoting brenzaj42
Thanks guys, I entered the cad/jpy trade early and I think it is due to this journal. I feel like I need to show some action but the way things go here is you may wait for a while and then everything may hit at once. As far as yesterday goes, I usually let it make a session high and wait for it to break that to enter. I did not do that yesterday which would have kept me out of the trade and I am paying for it now, no big deal though, I closed out a bunch of positions yesterday. Feeling good.
"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #135
  • Jan 13, 2011 9:26am Jan 13, 2011 9:26am
Do you mean that you take the high made during the main session and then after the main session you enter when this high is broken ?

I'm not sure if I understand... :-/


Quoting brenzaj42
I usually let it make a session high and wait for it to break that to enter.
"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #136
  • Jan 13, 2011 10:02am Jan 13, 2011 10:02am
I agree with "trzcinek", this is fantastic stuff.

"Extraordinary results are produced by consistent ordinary actions over the long term."

Brenzaj42, thanks again,
Jon
  • #137
  • Jan 13, 2011 3:42pm Jan 13, 2011 3:42pm
Hi Guys,

I want to share this trade with you ... it's a nice one ... and it is based on some stuff learned here + some of my old trading tools (PA, S&R, MAs etc.) ;-) Over 220 pips ... not that bad for a single trading day ;-) ... and I entered some other trades with similar potential today ...

I think I have learnt sth really important here ... Thanks Brenzaj ...
Attached Image (click to enlarge)
Click to Enlarge Name: 13jan2011 eurusd.gif Size: 20 KB
"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #138
  • Jan 13, 2011 4:41pm Jan 13, 2011 4:41pm
brenzaj42, what broker do you use?
  • #139
  • Jan 13, 2011 5:17pm Jan 13, 2011 5:17pm
Nice trade. I don't use that stuff but that and the eur/cad were the best intraday trades. I got 250 pips myself off of eur/cad. There was complete eur strength and cad weakness followed by usd weakness but if you checked usd/cad, usd was stronger so the best play was eur/cad but the eur/usd moved as well. I also liked the eur/cad because of more upside potential. But pips are pips, nice trade again.




Quoting trzcinek
Hi Guys,

I want to share this trade with you ... it's a nice one ... and it is based on some stuff learned here + some of my old trading tools (PA, S&R, MAs etc.) ;-) Over 220 pips ... not that bad for a single trading day ;-) ... and I entered some other trades with similar potential today ...

I think I have learnt sth really important here ... Thanks Brenzaj ...
  • #140
  • Jan 13, 2011 5:21pm Jan 13, 2011 5:21pm
I see alot of NZD and GBP strength and CHF weakness. Overall things appear to be retracing against the trend as I said yesterday. No new fresh crosses. I guess I will just play the main session for short term trades but again, not much to take in the long term department.
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